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Head over to:
and look for the trading guides sections on both sites. Though I can't promise you that articles listed on both these sites would make you a "professional trader", it would probably be enough information to keep you busy for a while.
and look for the trading guides sections on both sites. Though I can't promise you that articles listed on both these sites would make you a "professional trader", it would probably be enough information to keep you busy for a while.
And don't forget the "10,000 hour rule". You need good practice, for at least 10,000 hours in order to become an expert or professional. So just because you read a bunch of stuff about technical analysis doesn't make you fully prepared. It does make you more aware of market dynamics, which is very important.
The best thing to keep in mind while trading is how much risk you can handle. Don't over expose yourself to any position. If you start feeling nervous and keep checking the price every 15 minutes, your position is too big. Close half of it and chill out.
Hi traders,
I am curious to know how many of you are actively planning ahead and how are you doing so? How far do you plan ahead and what tools are you using to do so?
I am planning to spend some money in Bitcoin, ETH and NEO. They really look profitable if held for some good 5 months that is I expect the monetary value of my portfolio to rise till December. Even last year, the first and second weeks of December were really the boom weeks and all the investors who had invested in the crypto were well off. Some of them cashed their luck, others held onto it.I am curious to know how many of you are actively planning ahead and how are you doing so? How far do you plan ahead and what tools are you using to do so?
I agree. In fact, I do the same strategy. In this market, planning ahead means looking or peeking into the future and buying some coins that are currently having a downgrade in price but with a little more certainty compared to other coins that they would rise back up in the near future. Some of the coins of that caliber are Bitcoin and Ethereum. So, if you are serious with investing, even if it would really be doubtful and unsure at the moment since the market is not doing so good, one would still find some good amidst the bad things, and just go on with it.
Considering that was posted in May, we're not looking very well at the moment. Unless something miraculous happens over the next two months, that will end up at a pretty big loss.
Bitcoin has the most potential out of all of them but it still needs some work to be done. Perhaps it will make a bull run for 10k by the end of the year but I don't expect that to be sustained. Unless we get some really good news, like widespread adoption as a financial instrument or something.
Those that have been waiting since December had better hold on tight and wait longer. There's no guarantee it will rise again this winter.
The bulls have managed to regain some control after refusing to let BTC fall below the key support level of $5,800.
Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in. On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.
This is to be expected after a 13% surge in price from the lower end of the range. Were still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.
If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.
If we break through this level well be looking to short back down to $6,000 and possibly below depending on how the price unfolds these are our musings but it is still too early to tell.
Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in. On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.
This is to be expected after a 13% surge in price from the lower end of the range. Were still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.
If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.
If we break through this level well be looking to short back down to $6,000 and possibly below depending on how the price unfolds these are our musings but it is still too early to tell.
Yeah it's still in the indecision. I don't think it's going to get much lower though just because there's a lot of money in mining that needs it to stay above 6k. So they'll defend it in the interest of protecting their profits from being sabotaged.
There isn't any fundamental reason coming anytime soon to drive it up either. So I'm not going to be surprised if it bounces between the 6,200 -- 6,800 range for the next several days. Unless of course someone decides they need to protect their fiat from losses and use bitcoin to do that
Looking at the present state of the market, it could be very disheartening. But one thing is certain is that blockchain technology has come to change our society. And Crytocurrency which runs on the blockchain will continue to wax stronger and stronger, stay above fear. Life surely goes on with or without the enemies of crypto.
Yeah, and when i look at the present state of my portfolio its the same, very disheartening. And right, life goes on. i still love crypto even though i lost alot of capital in this market.
You will make it back, believe me. BTC will remain in the downtrend for a couple months, but eventually it's going to bounce back and reach for the stars
Every single asset has its bull and bear markets, you just don't see it that often in the stock market, because the sentiment changes once every 5 years, sometimes you have to wait much longer. In crypto everything happens much faster and you usually are in another cycle every 2 years. For instance the whole 2013 was a bull market, 2014 and 15 were bearish, 2016 and 17 were bullish again, 2018 is bearish...
Yeah that's the amazing thing about crypto is how fast things move. I guess we are entering a new era, the information era, where things are rolling over exponentially faster than they did years ago. This is why we see such extreme moves from highs to lows.
It's not a good idea to get too tied up in losses just now. Losses are only losses when they are cashed out. Sometimes you'll be losing for several years, sometimes you'll be winning in a couple of hours. It's just the nature of the market to swing in what seems like an irrational way, but in reality, it was the trader's irrational bias that initiated the entry in the first place. We can never be perfectly objective.
Yes, the community is still new and everyone has very little experience. We need to stay and support the community.
I agree with you. But the community is not new. The fact that everyone has little experience does not make the community new. And yes, we should always support this community in its ups and downs. I see lots of people complaining and whining about the fall of the bitcoin price. I really do feel them, but they should be more patient and committed in order to have a good result in the future. Bitcoin is a long-term investment. So, people should reconsider before investing in it. If you compare the bitcoin community with other investing communities, like forex, commodities, stocks, bonds, etc. it is very new. It is the toddler in the room.
I wasn't a part of this community at the time, but I'm sure there are some veterans around here who can comment on the vast difference between now and before the giant bubble last winter. I bet that there were 1/10th the amount of people here last year than there is now. Which goes to say, most are here because they think they can make a bunch of money really quickly.
There are some good insights going around and nice conversations about the future of crypto still, and that's what we should focus on as a community. Growth.
Rather than going through books it is good to experiment and find the truth, because in most of the cases people just find the learning from someone's experience. It is good to have a reference book, but the learning need to be done slowly with the small capital volume into trading. This will make the user feel the truth to the one on the book which gives a perfect solution on trading with ease.
I disagree, this is not the kind of thing that you can learn only by doing, do you know why? Because it takes money to play in this market, there are activities that you can practice and even if there is a starting cost you can practice it free of cost, but trading does not work like that a single mistake could cost you half of your capital and you could lose that just in a few hours, you need to learn first and then practice what you have learned, there is not another way.It is something you can learn by doing. Just start small, and don't use leverage. You don't need to be trading full lots with many of the coins that are listed. Trade mini or micro positions until you can consistently make money. If you've got $1000 in savings, start trading with $100. If you can turn that into $200, then maybe add another $100 from your savings and start trading higher amounts.
A single mistake can cost you have of your capital if you practice careless risk management. Know your limits and your risk tolerance. Don't open positions without clearly defined reasons. Have a checklist for entry and exit conditions. Run over it for every trade.
⭐ Merited by darkangel11 (1)
You've got it right on about the patterns in the price action. I certainly think that this dead cat bounce is still in the formation and there's no reason to get anxious about it as we see a lot of around here. There are some similarities if you look at the chart, but there is much more going on underneath the surface, as is always the case with markets.
One other factor here is the introduction of futures contracts enabling shorts to be opened. That has never existed in the bitcoin sphere and is a huge part of what may be giving us such placid price reaction. There might be some large hands selling the bounces up to try and keep a lid on the bitcoin monster...
One other factor here is the introduction of futures contracts enabling shorts to be opened. That has never existed in the bitcoin sphere and is a huge part of what may be giving us such placid price reaction. There might be some large hands selling the bounces up to try and keep a lid on the bitcoin monster...
Re: Upcoming economic crisis - crypto safe haven like gold or not?
Are you kidding? Please, look at the charts of ethereum and bitcoin. There are the very strong downtrends in these assets. I am already tired to watch these downtrends. Last several days I saw quotations and market was stably in the red zone showing from -3% to -20% by assets. I think that in such a situation it is strange to talk about a safe haven because I am sure that prices will continue slashing.
It is a pity that I am still holding ETH and I acknowledge that I have mistaken with this bought. Well, I am frank with you talking about the current market situation and I consider that crypto assets in the current moment of time is not a good choice for investing and I am not sure that crypto assets will be strong in a period of the further crisis.
You are only seeing things as they are now, we are talking about how the events may unfold in the future in the case of a crisis, and we have seen several local examples of this and one of the most notorious is Venezuela, the inflation in that country is terrible and people are looking for ways to improve their situation, some use dollars but dollars are scarce in their country and many people have began using bitcoin and other crypto to store their wealth.It is a pity that I am still holding ETH and I acknowledge that I have mistaken with this bought. Well, I am frank with you talking about the current market situation and I consider that crypto assets in the current moment of time is not a good choice for investing and I am not sure that crypto assets will be strong in a period of the further crisis.
In the case the US dollar fails what can you use to protect yourself from that? Gold and silver are good options but not many have them and can be easily confiscated, but cryptocurrencies can be held without no one knowing you have them and even if someone knows they cannot take them away without your keys so in that way crypto is safer to store than gold or silver.
Yes, and this is how crypto is becoming the new gold. It is nothing like gold, but it shares the feature of being a secure way to protect money against extortion, abuse, taxes, devaluation, crises, etc. etc. There are many reasons why using crypto is more practical than fiat, and even gold, but unfortunately too much of the publicity focuses on the high profile hacks to make it appear as extremely high risk.
It's true that crypto is the better option, but the main problem is that there isn't one single crypto currency able to handle mass adoption. We have seen how Bitcoin's network crippled completely due to the bull run last year.
If Bitcoin can't even handle a few hundred thousand people using it in a single day, it won't ever be able to handle one million users trying to have their transactions confirmed within one day.
We have to look at our crypto currencies without hyping them up too much. As it is right now, they are all incompetent and haven't gone through any upwards scaling improvements to even remotely allow more usage.
If Bitcoin can't even handle a few hundred thousand people using it in a single day, it won't ever be able to handle one million users trying to have their transactions confirmed within one day.
We have to look at our crypto currencies without hyping them up too much. As it is right now, they are all incompetent and haven't gone through any upwards scaling improvements to even remotely allow more usage.
This is something that we need to look at more seriously. Sure, Bitcoin has the best concept, especially that being in decentralization, but does it have the capabilities to hold up its worth? There are big dreams around here for Bitcoin but there needs to be much more done to bring it to those levels.
Damn honet truth coming from you. Time to spill them out and attack it for once. People have reduced crypto to shut through these scams networks parading as ICO. You invest time and money as an investor, you invest time and energy as bounty hunter, what you get to ear is the spreadsheet has been handed over to the team, with this, you wait till eternity to get your tokens. And where they are given, some do not worth the work and time invested into it. Market will recover, these elements just need to be flushed out.
It'll take time but eventually these coins with no real value will be shoveling the shit out the door with themselves. A lot of people are saying "do your research, do your research", but in this busy world we live in, we don't have the time to sift though thousands of shitcoins to try and figure out which one isn't a bunch of geeky nerds or mafioso thugs. And besides, why should we when natural selection will take its course? Just give it enough time to pass through and they'll go bankrupt. We just need fewer idiots trying to get rich quick.
I also appreciate if someone can say the prediction of bitcoin prices for the current month.
A month is quite a long period for BTC, nobody goes that far with analysis. You can always consult a crystal ball if you believe in these things. The most basic analysis shows 6800 as lower support and 7150 as the short term upper support. If any of these break it will be followed by a bigger move. Going down would nullify inverse head and shoulders, showing that we still haven't had a real breakout and the bottom might not be in, while going above 7150 would suggest that the bottom is in and we are confirming higher lows.
Yeah it (hopefully) has found a floor here around the 6500 region. There is some support from previous levels a few months ago and a fib level. I don't think that there is further negative sentiment to drive it down at this stage, but you never know what might come out. Some major investment bank might just feel like calling bitcoin worthless once more.
Hopefully after this consolidation we can see some reversal patterns. I'd actually want to start buying soon because when it does reverse, it will reverse very quickly.
Cardano is about the only project that is genuine!
LOL, what does Cardano have except a whitepaper? Only ETH is genuine but unfortunately it's centralized.
Here's a kind of life circle of a project: Colorful whitepaper + roadmap --> ICO --> listing --> good news, partnership --> test net --> mainnet --> abandoned.
Is it just me or is this deliberate spreading of fear in an attempt to generate sales for one particular coin? Why else would a guy make such an aggressive claim against everything else out on the market?
I find it hard to believe that every ICO is a scam but somehow there is a multiplicity of coins that have been going strong for years now. What did they do if they still have the money of their initial investors?
But we are facing some rough waves and there will be some pretty hard tests of confidence going on. It will shake the market a bit and some people will lose their marbles, but such is the case with markets like this.
Re: Upcoming economic crisis - crypto safe haven like gold or not?
There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.
Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?
As much as I would love for the dollar to implode, I wouldn't want for it to happen. The whole world will collapse and fall to misery. China's bubble is already on the verge to burst, its in the middle of a trade war. Crypto is not an investment. People think that, but its not. For me, at least bitcoin isn't. I use it as a currency and I proudly do so. But most people might actually resort to crypto as an investment. I watched Mr.Robot, and when everything failed and the entire banking system and credit/debit cards went down, people were hunting for crypto and hard cash. So you never know. Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?
That's a good point, we shouldn't be wishing for something that would cause misery for the entire world. The dollar isn't the best solution, but it's the only solution that is working at the moment. We can replace it further down the road. We shouldn't hope for another big market crash in order to do so, however. Just like that scene in "The Big Short" where the guy tells those two younger bankers "You do realize if you win this bet, millions of people in America are going to be homeless". It's not a bet we would want to win. It is one that we need to be prepared for though.
So many points in where I agree for sure. I would love to see misery spared, but actions have consequences. America, just like China btw are living with maxed out credit cards. The problem for the US is that 1/3 of its debt is in the hands of China.
The problem is also that overspending is just not sustainable, the bill will come. Our grandparents' generation and our parents generation have accumulated a debt that our generation can't pay off. I'm wondering if country heads think that their debt will be forfeited.
As a trader, we just play the markets. If the big short on the dollar comes, you're a fool not to try to make money off of it. I think Bitcoin will stick around and I do think the value of it could go down as the dollar will crash, but when economies will recover so will the value of bitcoin. Getting in at the right price, that's what I'm banking on.
Yeah and that's what trading is about. People tend to demonize the job because they think that traders are stealing money from the poor or causing assets to be overvalued but that's not true. Traders just provided added liquidity to the process. They inject money where it is useful.
We all have feelings too and cannot wish death and destruction for our own financial gain. We can, however, position ourselves accordingly and be ready if it does in fact happen. It's inevitable at this stage because we've borrowed ourselves into a corner, and everyone knows it. They're just plugging their ears and singing "this time is different!"
Re: Upcoming economic crisis - crypto safe haven like gold or not?
There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.
Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?
As much as I would love for the dollar to implode, I wouldn't want for it to happen. The whole world will collapse and fall to misery. China's bubble is already on the verge to burst, its in the middle of a trade war. Crypto is not an investment. People think that, but its not. For me, at least bitcoin isn't. I use it as a currency and I proudly do so. But most people might actually resort to crypto as an investment. I watched Mr.Robot, and when everything failed and the entire banking system and credit/debit cards went down, people were hunting for crypto and hard cash. So you never know. Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?
That's a good point, we shouldn't be wishing for something that would cause misery for the entire world. The dollar isn't the best solution, but it's the only solution that is working at the moment. We can replace it further down the road. We shouldn't hope for another big market crash in order to do so, however. Just like that scene in "The Big Short" where the guy tells those two younger bankers "You do realize if you win this bet, millions of people in America are going to be homeless". It's not a bet we would want to win. It is one that we need to be prepared for though.
Re: What happens if bitcoin price falls below the cost of mining it?
"If Bitcoin prices drop below the cost of mining" miners just stop their operation and use the money they use for electricity to buy Bitcoin. Free market will be adjust according to the supply and demend. Nothing to be worry about to much.
That will be a huge mistake, I have seen people say that the bitcoin they mined back in the day when it was not profitable to do so was in fact the most profitable of all, the miners have a lot of money they are not going to suspend their operations just because it is not profitable at this time, since they know the price of bitcoin will recover and the bitcoin they get can be sold for a profit in the future.Suppose your cost of mining is $6000 per bitcoin and the price of a bitcoins drops to $5000. Are you going to mine 1 BTC for $6000 or are you going to buy 1.2 BTC for $6000? A smart person would stop mining and buy the 1.2 BTC.
Survival of the fittest. That's why the system works so well. It's actually designed in an evolutionary way to ensure continual development and destruction of the old if they cannot keep up with the times. It's really clever if you think for a moment. A self-cleaning mechanism for when corruption or laziness or greed set in. It cuts all of the non-performers out at the bottom by making the mining process too costly for them, and then opens up a path for whoever wants to join in, providing they can do it better than those did before. Better keep yourself afloat or get out.
Active emotional detachment:
There is something called Tilt in Poker. Some players will actively try to insult players after bad beats to make the go tilt, or "emotional". This will result in very bad decision making. Maybe you remember Zinedine Zidane in his very last World Cup Game, head butting the italian player and getting sent of the pitch with a red card. The worst possible outcome. TILT.
If you still feel like you get emotional about trades, there are a few things you can do: Lowering your margins, lowering your leverage, take a break, breathing exercises, watch your favorite series or listen to music. Get a little distance to your trades, before continuing. NEVER trade on TILT.
How are you dealing with your emotions? Anything to add or to take away from this?
There is something called Tilt in Poker. Some players will actively try to insult players after bad beats to make the go tilt, or "emotional". This will result in very bad decision making. Maybe you remember Zinedine Zidane in his very last World Cup Game, head butting the italian player and getting sent of the pitch with a red card. The worst possible outcome. TILT.
If you still feel like you get emotional about trades, there are a few things you can do: Lowering your margins, lowering your leverage, take a break, breathing exercises, watch your favorite series or listen to music. Get a little distance to your trades, before continuing. NEVER trade on TILT.
How are you dealing with your emotions? Anything to add or to take away from this?
This one in particular is especially useful. Understanding that a loss is a loss and nothing more. Then move on and live for today.
This is where a lot of traders (myself included) have failed. I've blown my account just because I thought that I could "get even" or "make up for" a loss. Luckily, that account represented less than 10% of my net worth, so it wasn't a critical mistake. The second part of effective trading that goes with emotional management is not putting too much into the game. Risk management is just as important, if not more important than emotional.
Also, I wouldn't say "how to get rid of emotions" because we are human and can never truly get rid of them. This creates the impression that we should be fighting them. Instead, we need to accept, acknowledge, and proceed.
Re: Upcoming economic crisis - crypto safe haven like gold or not?
You can't call a safe haven a market like the crypto-market that is highly volatile and unpredictable. Safe means safe, what is safe to put your money in cryptos knowing that the market can crash at any moment? In December last year the BTC price was at $20k now at $8k, is it what you call safe?
Valid point taken. I guess what they mean to say is to store your assets in investment opportunities to survive or even thrive during the crisis. I believe that when shit hits the fan again, the dollar will go down again, will people flock to crypto. If the dollar goes down, does that mean the price of bitcoin will go up? if so, that seems a solid investment.
Gold is considered safe, but if the dollar is strong, it's better to stay out of it. The crash of BTC last december is just euphoria running out of steam and mass panic cash out.
That's a point that most people missed about BTC last December. It wasn't a crash, it was just the end of the first wave of massive euphoria that tripped it up. There's no saying that bitcoin is supposed to be worth this or worth that at this stage because it's still trying to find a ground for itself after such a huge movement.
The dollar has been way too high lately, people have been saying it's overvalued for the past year and a half. If I had any dollars right now they'd be in bitcoin or gold, because those are the ones that are quite low. But like mentioned above:
You have to have Fiat + Gold + Crypto + Food. If you leave out one of these you may find yourself in dire straights as the collapse happens. Crypto is a very key part of my strategy of surviving the economic collapse.
Gotta have a bit of everything. So the dollar still has some value in terms of exchange. People will still be interested in it, even if there is a collapse. Or something more secure, like Francs
It is basically great venture. ETH has dependably been to its guarantee making financial specialists upbeat each time. ETH is firmly identified with bitcoin and it sings as the bitcoin is singing. It will rise like the bitcoin taking jump towards moon. Enormous mines are being work for mining ETH additionally and that is the reason it is getting greater prominence now a days
But that's mostly out of speculative reasons, isn't it? It seems to be shooting up and around but not having an actual good purpose for doing so. I think ETH does have potential, but that potential is nothing until something real comes out of it. There needs to be more solid evidence that it will actually be a stable method of exchange in the future and won't get overrun by other altcoins. It's got a really strong position right now where it stands, but I would like to see more than that to want to invest more into it.
It's not a secret that NEO is the Chinese version of ethereum. I think by now, NEO is also one of the most valuable of cryptocurrency and most valuable platform. NEO will have huge increasing of price nearly and NEO may be in first 10 main altcoins also..
If we looking for ethereum, ethereum is the second main stable cryptocurrency in crypto market.
If we looking for ethereum, ethereum is the second main stable cryptocurrency in crypto market.
It's still in its early stages but it has a lot of potential to grow from here. The Chinese are pretty good with their technology, so there is a good chance that NEO can continue to go somewhere. There have been some doubts about the fundamentals for ETH lately as people are unsure that it's platform will be able to evolve with the rest of them, but I guess all we can do is wait and see.
In terms of security, I don't know much about the reliability of NEO. How strong is it against attacks?
Unfortunately, now not everything can be learned free of charge in a short period of time. So if you want to save time and learn something more, do not be afraid to spend money.
Gotta spend money to make money! Yeah, don't be afraid to try out a few of the courses that are available. You can find reviews on them if you dig deep enough. Unfortunately, most of the good ones are incredibly expensive. But that's the cost that quality comes with.
Another good option is using books from professional traders as reference, and then putting the techniques into practice and seeing which ones work best for you. There is no "golden strategy" or "one-size-fits-all" technique that will make profits all the time. A big part of learning is being adaptable to change, and recognizing why something didn't work.
join a free group is not a bad idea if you want to learn something about crypto,but if you are talking about paid groups.
i am totally against it,because most of them are scammer and they are only looking for their own benefit.
just learn something from people and do not put your back completely onto them,watch them and learn from them.
also it is recommended for you to create your own strategy by looking at our current market and experts strategy.
try to learn something technical here ;
https://www.tradingview.com/ (it's totally free,and you can chat with other people regarding our current market and their analysis about it)
i am totally against it,because most of them are scammer and they are only looking for their own benefit.
just learn something from people and do not put your back completely onto them,watch them and learn from them.
also it is recommended for you to create your own strategy by looking at our current market and experts strategy.
try to learn something technical here ;
https://www.tradingview.com/ (it's totally free,and you can chat with other people regarding our current market and their analysis about it)
Yeah I second that. Trading View is a really good platform because it is community based. The best places to learn are communities that share knowledge, and this is the most comprehensive one I've seen so far. People share their views on a given market and then get positive or negative feedback based on the quality of their analysis.
One warning though is to be careful not to become too dependent on other people's analyses. Don't place the trade unless you too arrived at that conclusion. What I prefer to do is analyze the market myself, arrive at a conclusion, then check a few other people's posts to see if they are on the same page as me.